Speaking at the European Parliament yesterday the ECB president said the EU needed to accelerate the passage of regulation ahead of Brexit. He stressed ‘the critical importance of finalising the adoption of key pieces of EU legislation, such as European Market Infrastructure Regulation II, well in advance of Brexit, in order to be prepared for all possible contingencies, including a no-deal scenario’. Front and centre of his concerns is the issue of derivatives clearing houses where the 3 biggest UK ones handle around €1 trillion daily.
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